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Oil in New York barely nudged this week despite whipsawing over several days, as renewed lockdowns in some regions blunted near-term demand outlooks and muted the impact of a standstill at the Suez.

West Texas Intermediate futures fell less than 1% to close the week at $60.97, while Brent crude just barely eked out a gain, snapping a streak of back-to-back weekly declines. Futures rose almost 6% and fell nearly 5% in sessions this week as traders recalibrated their positions from day-to-day. Market volatility reached the highest since November.

While optimism remains over the long-term outlook for a global demand rebound, the downbeat developments surrounding European lockdowns and rising case counts exacerbated an abrupt unwinding of long positions in a market that was signaling it may have rallied too far, too fast. Still, Goldman Sachs Group Inc. said crude’s decline in recent weeks had overshot market fundamentals, and demand should still increase sharply through the northern hemisphere’s summer season.

The stage is set for crude’s rally “but the whole recovery trade got a little bit ahead of itself and oil got a little bit ahead of itself,” said Jay Hatfield, CEO at InfraCap in New York. “Once we get the real demand coming back, we can start to see prices heading to $70, $80 or even a superspike.”

Meanwhile, the Suez Canal remained blocked, with efforts to dislodge a massive container vessel expected to take until at least Wednesday. The impact on headline prices was muted.

Oil ekes out a weekly decline despite wild swings in either direction this week

The grounding of the Ever Given ship on Tuesday set off a chain of events that’s wreaking havoc on global seaborne trade — shipping rates have increased, hundreds of vessels remain backed up in the channel and ships are rerouting to avoid the logjam. Yet the impact on the oil market is likely smaller than it would have been in the past, with flows from the Middle East to Europe declining due to a long-term realignment of trade. And while plenty of oil is shipped from the North Sea to Asia, it’s usually carried on tankers that are too large to pass through the canal.